It Sorta Makes Ya Feel Sorry For The Next Guy

The Bush administration gave details Wednesday on how it plans to borrow the billions of dollars it will need to finance soaring budget deficits.

Those plans include raising $27 billion by selling a new 10-year note and a new 30-year bond at the regularly scheduled quarterly auctions to be held next week. The government needs to borrow $171 billion during the July-September quarter, second-highest quarterly borrowing on record.

Those plans include raising $17 billion by selling a new 10-year note Aug. 6 and $10 billion by selling a new 30-year bond Aug. 7.

The increased borrowing needs reflect the exploding federal budget deficit, which is projected to more than double this year and to hit an all-time high of $482 billion in the 2009 budget year.

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Whatever happened to the Republicans and fiscal conservatism … you know, a school of thought that talks about minimal government spending and balanced budgets.